Satellite broadband: Avanti obtains funds for HYLAS 3

Avanti Communications has secured £73.8 million in funding to assist the development of a third satellite - HYLAS 3.

The broadband provider, which launched its first spacecraft in November 2010, has raised funds for the project through a share issue.

Through HYLAS 1, the firm is delivering satellite broadband speeds of up to 10Mb to homes and businesses in remote areas of the country, reports ISPreview.co.uk.

Such services are helping to reduce the digital divide in areas unconnected to the UK's fixed broadband infrastructure.

HYLAS 2 is on course to launch in the summer, increasing Avanti's scope to deliver broadband services to European homes and businesses.

And the new funding will enable the firm to design, construct and launch the third spacecraft in the series.

"Sales momentum for HYLAS 1 and 2 is building strongly, with £8.7 million of sales booked in December 2011 and £14.0m in January 2012," Avanti reported.

"The company expects HYLAS 3 to launch as it enters the final year of HYLAS 2's approach to full utilisation, providing the company with the means to continue to serve the growing demand of its customers."

uSwitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850. You can check this on the Financial Services Register by visiting the FCA website.